Finance and family expert, Bill Dwight, created this excellent family financial app that helps teach kids great money habits.
The FamZoo App: Teaching Your Children About Money
If you’ve been looking for a solution to help you teach your family about proper money management, then you might have found a solution in the FamZoo app. This app will allow you to easily keep track of how much money each person in your family is owed, or even put it on separate prepaid cards in order to teach your children valuable financial lessons.
But What Is It?
FamZoo is an easy to use service which can make budgeting for different family members a snap. There’re a couple of different options available to make things easier for you, so pick the one which you think is best for your family.
Prepaid Cards- You can get prepaid cards for your family members for a small fee, and the money can be automatically transferred to them. It’s a great way to teach your children how to budget, and it will keep track of their purchases so you can help them figure out where they’re making unwise purchases. You’ll receive a month of the app for free if you decide to go with this option.
IOU Account- The simpler way to do things is to set up an IOU account with the app. This will allow you to keep track of how much money you owe your children and you can set it up automatically like the cards. You’ll receive two free months with an IOU account, and it can make things a lot simpler and there isn’t the cost associated with the cards.
Once you’ve decided on your account type, there’s a blog which can show you a bunch of different ways you can set things up. Depending on your household, you can add automatically for allowances, pay for chores to be done, or penalize the accounts for problematic behavior.
If you look on their website’s blog, you can see how some other families have set up their “banks” and possibly find something that works quickly and easily for you.
The coolest part is that you can set up your own family “bank” account however you’d like, there’s simply a ton of different ways to customize things to suit your own family in the best way possible.
Unfortunately, FamZoo isn’t free, but the pricing is pretty good for the amount of utility you’ll get out of the app and the education you can give the younger members of your family. FamZoo starts at $5.99/month, but if you decide to purchase in advance you’ll be able to get quite a bit of a discount.
For instance, at six months you’ll be able to receive a 24% discount and it will only cost you $59.99 for a full two years of the service which works out to a 58% discount. If you plan on using this app then it makes fiscal sense to purchase a longer plan, that’s for sure.
The billing isn’t automatic if you purchase one of the longer periods of time, but you’ll receive an e-mail letting you know that the time is almost up so you can renew it at the end of your pay period.
For a very small cost, you can set-up a family “bank” in order to educate your children on how to save and spend money wisely. If you’re trying to ingrain good financial habits into your kids, then you might just want to take a closer look at this app as it really is one of the easiest ways to make sure that your children are keeping track of their money. As we all know, that little bit of education will pay off handsomely in the future.